The minutes of the Bank of Japan showed that policymakers agreed on the need to maintain ultra-low interest rates to support a fragile economy, as Reuters reports, and ensure rising inflation was accompanied by higher wages, minutes of their June rate-setting meeting showed on Tuesday.
BOJ stands pat on policy and forward guidance
Bank of Japan last movements on coronavirus countering
“Fed's policy decision could affect forex, asset market moves so watching developments carefully,” said Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya on Thursday.
Bank of Japan (BOJ) must support the economy with monetary easing as recovery is not solid and wage development remains uncertain, the central bank Deputy Governor Masayoshi Amamiya said on Thursday.
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July BOJ meeting review
Following the conclusion of its two-day policy review meeting on Thursday, the Bank of Japan (BOJ) board members decided to leave its monetary policy settings unchanged, holding rates at -10bps while maintaining 10yr JGB yield target at 0.00%.
In its quarterly outlook report, the Bank of Japan (BOJ) noted that “risks to price outlook skewed to the upside for time being, roughly balanced thereafter.” Additional takeaways: "Japan's economy likely to recover as impact of pandemic ..."
June BOJ meeting review
The Bank of Japan (BOJ) monetary policy board concluded its 2-day June policy review meeting on Friday and decided to leave its monetary policy settings unchanged, holding rates at -10bps while maintaining 10yr JGB yield target at 0.00%.
In its policy statement, the Bank of Japan (BOJ) noted that it left unchanged its guidance on policy bias, adding that it will take additional easing steps without hesitation as needed with an eye on the pandemic's impact on the economy.
What is the BOJ?
The Bank of Japan (BoJ) is the central bank of Japan. It is a juridical person established based on the Bank of Japan Act (hereafter the Act), and is not a government agency or a private corporation.
POLICY BOARD. The Policy Board is established as the Bank's highest decision-making body. The Board determines the guideline for currency and monetary control, sets the basic principles for carrying out the Bank's operations, and oversees the fulfillment of the duties of the Bank's officers, excluding Auditors and Counsellors.
HISTORY. The Bank of Japan was established under the Bank of Japan Act (promulgated in June 1882) and began operating on October 10, 1882, as the nation's central bank. The Bank was reorganized on May 1, 1942 in conformity with the Bank of Japan Act (hereafter the Act of 1942), promulgated in February 1942. The Act of 1942 strongly reflected the wartime situation: for example, Article 1 stated the objectives of the Bank as "the regulation of the currency, control and facilitation of credit and finance, and the maintenance and fostering of the credit system, pursuant to national policy, in order that the general economic activities of the nation might adequately be enhanced." The Act of 1942 was amended several times after World War II. Such amendments included the establishment of the Policy Board as the Bank's highest decision-making body in June 1949. The Act of 1942 was revised completely in June 1997 under the two principles of "independence" and "transparency." The revised act (the Act) came into effect on April 1, 1998.
Who is BOJ's president?
Haruhiko Kuroda was born in Omuta, in 1944. He is the 31st and current Governor of the Bank of Japan (BOJ). He was formerly the President of the Asian Development Bank from 1 February 2005 to 18 March 2013.
Kuroda has been an advocate of looser monetary policy in Japan. His February 2013 nomination by the incoming government of the Prime Minister Shinzō Abe had been expected. Also nominated at the same time were Kikuo Iwata – "a harsh critic of past BOJ policies" – and Hiroshi Nakaso, a senior BOJ official in charge of international affairs, as Kuroda's two deputies. The former governor, Masaaki Shirakawa, left in March 2013
Kuroda on his Wikipedia's profile
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the world interest rates table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.